CANADA STOCKS-TSX falls on profit-taking but golds shine

Tue Aug 11, 2009 11:21am EDT
 
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* TSX falls 0.95 percent to 10,691.20

* Financials heaviest decliner, off 1.8 percent

* Gold mining shares bright spot as price of metal gains (Adds details)

By Ka Yan Ng

TORONTO, Aug 11 (Reuters) - Toronto's main stock index was lower on Tuesday morning as a second day of profit-taking hit nearly all its sectors, with the hefty financial group leading the retreat, hurt by several downgrades to U.S. banks.

Of the index's 12 biggest heavyweight losers, nine were in the financial sector, which makes up about a third of the index's weighting.

Toronto-Dominion Bank (TD.TO: Quote) led the pack with a 1.85 percent drop to C$62.05, while Bank of Nova Scotia (BNS.TO: Quote) followed with a 2 percent fall to C$44.56. Insurer Manulife Financial (MFC.TO: Quote) dropped 1.5 percent to C$22.22.

U.S. stocks were weighed down on Tuesday by data that showed inventories at wholesalers dropped in June, while downgrades on U.S. banks prompted investors to sell shares in the financial sector. [ID:nN11519108]

Profit-taking took hold on the Toronto market on Monday with index losing 0.84 percent. The fall came after four straight weeks of gains and after the financial group had nearly doubled since hitting a March low and the overall index had gained more than 40 percent in the same period.   Continued...